Muratjon Azimov, the Khokim of Kashkadarya Region, reported on the state of the region's water supply system during a presentation to the President on July 20th and thanked the head of state for allocating financial resources. He compared the current situation with how the system functioned previously.
The Khokim stated that only in recent years, 2.75 trillion soums have been allocated for water supply in Kashkadarya Region. Muratjon Azimov noted that in January 2017, reports showed drinking water coverage at 20–30%, but the actual coverage was only about 10–11%.
Previously, drinking water was only available in the settlements of Kitabe, Shahrisabz, and Yakkabag, while in Karshi, water was supplied on a schedule. Many projects, including those financed by the Asian Development Bank in 2002 and 2007, remained only on paper, and according to the Khokim, 'nothing was built, nothing worked.' Meanwhile, 28 billion soums are paid out annually for these projects.
Today, the level of drinking water coverage in the region has significantly increased—from 11% to 61.8%. Of the total 776 mahallas, 408 are fully supplied with water, and another 213 receive it partially. Currently, 155 mahallas use alternative water sources via tankers. Over the past five years, 412 km of internal networks have been repaired.
The Khokim also presented data by districts: in Kamashinsky and Kukdalinsky districts, the level of coverage by water networks reached 53%. 165 artesian wells were constructed in 85 mahallas. Additionally, 134 wells were drilled using funds from the Farmers Council Fund, and another 16 from the Ministry of Employment fund. 1.5 billion soums were allocated from the local budget, and 50 wells are already equipped with the 'Smart Well' ('Aqil Kuduk') system, with plans to connect another 450 wells for monitoring extraction and electricity consumption.
Muratjon Azimov emphasized that the annual construction of 8,000, 9,000, or 10,000 apartments accelerates the urbanization process, which affects water supply, especially in Karshi. In this work, he interacts with Ahmad Suvankulov, the head of 'Uzsuvtaimonot'. Three large-scale projects are currently being implemented: the construction of sewage systems in Kasan, Mubarek, Shahrisabz, Kitabe, and Karshi, which, according to the Khokim, is noticeable to residents.
The Khokim separately addressed the topic of climate. He noted that temperatures in Karshi reached 50 degrees. He stressed that thanks to the work done on building internal networks, water now reaches directly into homes, preventing mass appeals to the khokimiyat and other institutions regarding electricity or water supply issues.
Zhurabek Rakhimov, the Khokim of Khorezm Region, also spoke about the work done in his region, noting that the created system allowed them to successfully weather periods of high temperature. He agreed with the Khokim of Kashkadarya Region regarding temperatures exceeding 50 degrees, adding that due to prior preparation, there were no problems with electricity or drinking water during the heatwave.
Rakhimov concluded that if such work had not started seven or eight years ago, residents could have faced serious difficulties under such a hot week.
The acceptance of additional applications for mortgage subsidies has begun in Uzbekistan. The Ministry of Economy and Finance announced that the application period will start on July 27 at 15:00.
Applications are accepted based on previously submitted but unused subsidy notifications. To be evaluated, applicants must meet social criteria by scoring at least 30 points. Additionally, there are extra conditions: the applicant and their spouse must not reside in owned housing territory in Uzbekistan, and the family's average monthly income must comply with established social norms.
Furthermore, it is necessary to fulfill internal requirements of at least one commercial bank participating in the lending program. It should be noted that state funds do not cover the full cost of housing but are directed towards partially covering the initial down payment and interest payments on the mortgage.
An application can be submitted through the portal my.gov.uz, the MyGov mobile application, or at public service centers. On the my.gov.uz portal, this public service is provided free of charge. Employees of military formations submit the application directly to the Public Service Center.
Before submitting an application, you must allow the use of personal data for assessing credit history in banks participating in the OneID system. It is also checked whether temporary restrictions have been placed on the citizen's credit history. Otherwise, the bank will not be able to review the credit history, which may lead to the rejection of the application.
Receiving a positive notification of subsidy receipt does not automatically mean the allocation of a mortgage loan; the commercial bank conducts a separate assessment of the applicant's solvency and credit history.
According to the Central Bank, in the first half of 2026, the volume of mortgage loans issued by banks in Uzbekistan reached 13.1 trillion soms. This figure exceeds the amount for the same period last year by 3.7 trillion soms, which is a growth of almost 39%. The number of people who received mortgage loans increased from 31,589 to 42,575 people, an increase of 10,986 borrowers, or 34.8%. At the same time, the average loan size slightly increased, rising from approximately 299 million to 308 million soms.
A significant part of the lending was directed towards purchasing housing on the primary market—9.8 trillion soms, accounting for 75% of the total volume. 31,995 people obtained mortgages in the primary market. Last year, the share of the primary market also accounted for 75% of lending, with 6.93 trillion soms in loans issued to 23,596 borrowers.
On the secondary market, 3.3 trillion soms in loans were provided to 10,580 citizens. Compared to the first half of 2025, when this figure was 2.51 trillion soms for 7,993 people, the share of the secondary market remained at 25%.
The largest volume of mortgage loans was allocated in Tashkent—4.01 trillion soms, demonstrating a growth of approximately 36% compared to the previous year (2.96 trillion soms). The second place was held by the Andijan region with an amount of 1.11 trillion soms versus 747.2 billion soms the previous year. Following in terms of lending volume are Kashkadarya region (963 billion soms), Fergana region (888 billion soms), and Surkhandarya region (834 billion soms).
The smallest lending volumes were recorded in Syrdarya region (356 billion soms), Jizzakh region (414 billion soms), Bukhara region (505 billion soms), and Karakalpakstan (508 billion soms).
The largest lender among banks is recognized as Xalq Banki (People's Bank), which issued mortgages worth 2.2 trillion soms. It is followed by 'Agrobank' (1.96 trillion soms), 'Milliy Bank' (1.68 trillion soms), 'Ipoteka-bank' (1.58 trillion soms), and 'Uzpromstroybank' (1.29 trillion soms).
Among mortgage recipients, men accounted for 54%, and women for 46%, which is a change from last year when the ratio was 61% and 39% respectively. The main mass of borrowers consists of citizens aged 31 to 50 years, who accounted for 65% of all loans, or 27,516 people. Another 25% of recipients, namely 10,903 people, were in the age group of 18 to 30 years, and 10% were over 50 years old.
The average interest rate for mortgages financed from the republican budget was 16.8%, down from 17.5%. Rates for funds from the Uzbekistan Mortgage Refinancing Company reached 21.6%, while the banks' own funds showed a decrease from 23.5% to 20.1%.
Previously, in the first quarter, there was a noted increase in real estate transactions by 48.4% before the introduction of escrow accounts. The volume of mortgages during this period increased by 29%, and construction by 15.5%. Apartment prices in new buildings rose by 8.1% in dollar terms, and in the secondary market by 9.4% in soms (although the growth rate in soms was lower). It is worth noting that land in Tashkent became cheaper. Previously, in the Central Bank's 2025 review, it was indicated that apartment prices in Tashkent were growing in dollars but remained almost unchanged in soms.
Vodacom has adjusted its dividend payout policy, lowering the minimum threshold to no less than 65% of revenue, down from the previous minimum of 75%. This change was announced alongside the first quarter earnings report and the completion of the long-awaited deal with Safaricom.
This shift is significant for many South African pension funds that viewed Vodacom as an income stock, and it contradicts the company's long-standing marketing about a high payout ratio on the JSE. Previously, the 75% policy was confirmed in the 2026 annual results in May, when the board announced a final dividend of R4.05 per share, totaling R7.35 for the year—an 18.5% increase—and described this payment as 'consistent with our dividend policy of paying at least 75% of revenue.'
Vodacom's board analyzed the capital allocation structure to find a balance between investing in network infrastructure, scaling digital and financial services, gradually reducing debt, and returning capital to shareholders. To soften the news, the group promised to ensure dividend growth in the current fiscal year. Group CEO Shameel Joosub stated: 'At this revised payout level, we expect dividend growth per share for the 2027 fiscal year, based on our current growth trajectory and prevailing economic conditions.'
Furthermore, a major step occurred in the group's structure: Vodacom increased its stake in Safaricom from Kenya from 35% to 55%, effective June 30th, making the East African mobile operator a consolidated subsidiary.
Against this backdrop of changes, Vodacom raised its target growth rates for EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) and operating free cash flow from double-digit to 'early teenage' levels, and also increased its Vision 2030 revenue ambitions from over R200 billion to over R300 billion. As a result, financial services will increase from 13% to over 22% of group services revenue, signifying a substantial business reallocation from connectivity to fintech.
Joosub noted: 'We are entering a new phase of growth, supported by a more balanced portfolio, broader revenue drivers, and increased exposure to some of Africa's most attractive opportunities.'
Group revenue for the quarter ending June 30th grew by 5.9% to R42.4 billion, with service revenue increasing by 6.3% to R34.3 billion. When data was normalized, excluding currency translation effects due to the strengthening rand, service revenue grew by 12.6%. South Africa remained the weakest link, showing only a 2% growth in service revenue, which was below inflation and below the 2.8% growth recorded by Vodacom in the fourth quarter of the 2026 fiscal year. The only positive point was the prepaid segment, which, according to Vodacom, returned to growth after a period of pressure, which the company attributed to simplified offerings and improved value.
Egypt continued to play a key role, increasing service revenue by 32.8% in local currency, while financial services revenue there grew by 73%. International business increased service revenue by 4.1% in rand or 14% on a normalized basis, with Tanzania, DRC, and Lesotho named as the main contributors. Group financial services revenue rose by 17.8% to R4.5 billion, or 27% on a normalized basis. Including Safaricom, Vodacom reported processing transactional mobile money value of $547.9 billion over the last 12 months, an increase of 19.1%.
Non-mobile services—financial, fixed, digital, and IoT—generated R7.8 billion, or 22.8% of group services revenue, which is below the Vision 2030 target of over 30%. Additionally, Vodacom reported investing an extra R800 million in the fiber optic group Maziv during the quarter to support the completion of the Herotel deal, deepening its involvement in the consolidating South African fiber optic market. Joosub emphasized: 'We believe Maziv is well-positioned to accelerate fiber reach in South Africa, contributing to economic development and helping bridge South Africa's digital divide.'
